a day ago
- Business
- New Straits Times
Mah Sing property sales on track for RM2.65bil target
KUALA LUMPUR: Mah Sing Group Bhd's sales momentum is expected to remain steady, supported by its latest township, M Legasi in Semenyih, MIDF Research said.
Mah Sing continues to record strong sales, securing total new property sales of RM1.01 billion in the first five months of the financial year ending Dec 31, 2025.
The research house said the company remains on track to achieve its full-year new sales target of RM2.65 billion, supported by its affordable housing-focused M Series projects.
"We expect M Series projects, which are priced within an affordable range, to continue sustaining new sales momentum.
"Aside from M Legasi in Semenyih, planned launches in the second half of financial year 2025 (2HFY25) include Meridin East in Johor Bahru, M Tiara 2 & Tiara Hills in Johor Bahru, M Grand Minori in Johor Bahru, M Aurora in Old Klang Road, M Aria in Sentul, M Zenni in Southbay City Penang and Icon City 2 in Petaling Jaya," it said.
Under the master plan concept, M Legasi will be developed into three precincts: Impira precinct on 100 acres of land, Adiya precinct on 93 acres of land, and Embun precinct on 287 acres of land.
MIDF Research noted that Phase 1A and 1B in the Impira precinct, which consist of 330 individual-titled two-storey terrace home units, have recorded an encouraging take-up rate of 80 per cent.
"We believe the decent take-up rate was due to the affordable pricing starting from RM635,000," it said.
Overall, the firm has maintained its earnings forecast for Mah Sing for financial year 2025 (FY25), financial year 2026 (FY26), and financial year 2027 (FY27).
The firm has also maintained its "Buy" call on the stock with an unchanged target price of RM1.37.
"We maintain our Buy call on Mah Sing due to the stable new sales outlook, which is underpinned by launches of affordable residential projects. Meanwhile, dividend yield is decent at 3.9 per cent," it added.
